XRP slips below $1 as whale activity jumps 280%

XRP has slipped below the crucial psychological support level of $1, with its price hovering near $0.99 as of Tuesday, August 18. This decline occurred despite a notable surge in whale activity and increasing participation in derivatives markets, leaving analysts and traders watching for signs of either a recovery or further correction.

According to market data, XRP traded between approximately $0.989 and $1.01 over the past 24 hours, marking a daily loss of about 0.4% and a weekly decline of roughly 1.2%. The token's market capitalization stood near $62.4 billion, ranking it sixth among cryptocurrencies. The inability to reclaim and hold above $1 has shifted the immediate technical outlook, as buyers now need to reclaim that level to challenge higher resistances.

Simultaneously, on-chain data highlighted a sharp increase in large holder activity. Crypto analyst Ali Charts reported that transactions on the XRP Ledger valued above $1 million surged by 280 within a single 24-hour period, climbing to more than 38 such large transfers. While this activity signals heightened engagement from whales, the data does not clarify whether these movements represent accumulation or selling...